New York, May 31st (TradersHuddle.com) - Shares of Sirius XM Radio Inc. (NASDAQ:SIRI) ended the trading session lower by $0.02 or -0.84% from its previous close. Sirius XM's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Sirius XM's current stock range is defined by calculated support defined at $2.07 and by the resistance level at $2.42, which should be used by traders planning their trades.

Traders wanting to establish a position in Sirius XM stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current Sirius XM shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal.